(This article originally published in THE ISRAELI DIAMOND INDUSTRY)
A new survey released by the Mumbai-based Hurun Research Institute, called “The Chinese Luxury Consumer Survey & Hurun Best of the Best Awards 2023” and conducted among high-earning respondents in China, shows that 56% of China’s HNWIs (High-Net-Worth Individuals) plan to up their spending on personal luxuries in the next three years by 3%, Jing Daily reports.
According to the report, 73% of the respondents intend to spend more on jewelry, 67% intend to spend more on watches, and 64% intend to spend more on fashion. While men consider Chanel, Gucci, and Rolex to be the best brands for gifting, “women prefer gifting Chanel, Hermès, and Gucci items,” the report states.
Bulgari, Cartier, and Van Cleef & Arpels are the three most favored jewelry brands, while Rolex, Patek Philippe, and Bulgari are the three most beloved watch brands.
The survey, conducted for the nineteenth consecutive year among China’s wealthiest individuals, surveyed 750 high-net-worth individuals (HNWIs), defined as those with average family assets of $6.5 million (45 million RMB) and investable wealth of $1.9 million (13 million RMB). 38 respondents had over $14.4 million (100 million RMB) in assets, and the average age of respondents was 36, while 46% of the surveyed HNWIs are under 30.
According to Hurun Report Chairman and Chief Researcher Rupert Hoogewerf, “[…] business confidence is high and [the respondents’] happiness index is the highest on record, perhaps brought about by less time spent on the road and more time spent with the family.”
Other highlights include:
Investments: Respondents “are looking to increase their exposure to shares, gold and cash in the bank, whilst decreasing their investments in real estate, art and funds.”
Collecting: Their preferred collectables are jewelry, fine wines and watches.
The luxury market: Hurun Research estimates the total size of the Chinese luxury market to be down this year by 5% to $230 billion.
Find the full survey here.